Financing the 2022 Lightning Purchase - Add Your Options

[Pjlightning]

DCU also gives a rate discount of 0.25 for EV vehicles.

Brings their rate down to 1.99%.

( that also assumes a 0.25 discount for direct deposit, mentioned in previous post)

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[VTbuckeye]

DCU also gives a rate discount of 0.25 for EV vehicles.

Brings their rate down to 1.99%.

( that also assumes a 0.25 discount for direct deposit, mentioned in previous post)

I've used them for many vehicle purchases and a refi. I've banked with them for over 20 years. Their rates are not always better than manufacturer financing (promotional/subsidized), but often competitive with the best vehicle rates available at banks/credit unions.

 

[RickLightning]

Always take any Ford Credit financing that offers incentives, then pay off or refinance the following week.

 

[Sdctcher]

If you want to get a Quick and Dirty Estimate of your Monthly Payment (which will be close but slightly on the higher side):

$ Amount Financed X % Interest Rate / 12 (This will be your Initial Month's Interest)

$50,000 X 2.49% (0.0249) = $1,245/12 = $103.75/First Month Interest

Plus

$ Amount Financed / # Months (This will be your Initial Month's Principal)

$50,000 / 60 = $833.33

Interest + Principal = Estimated Monthly Payment for a $50,000 Loan @2.49% for 60 Months

$103.75 + $833.33 = $937.08

(To be Exact you Recalculate Every Month's Remaining Balance. This is Called "The Rule of 78s)

 

[TaxmanHog]

I noticed AAA in SE is doing 2.84% for 72 months.. I have AAA just never knew they did loans

AAA North East 2.14% @36 mo
https://northeast.aaa.com/financial/auto-loans/overview.html

 

[metroshot]

I am probably going with one of my two credit unions for a vehicle loan.

Logix 1.74% APR.*
USAA 3.19% APR.

Hit me up if you plan to join + do a loan from the Logix Credit Union. They'll give us both $50 (refer a friend link). lol * New member must open the auto loan within 30 days of joining Logix.

Logix is great - not a well known CU, but I have been banking with them for over 20 years since their very first one and only bank in Burbank, CA.

1.74% is very good for a new car these days.
Logix pulls EX 09.

I currently have a car loan (lease buyout) with Logix so the used rate I got was 2.24% with auto debit.

PenFed which pulls EQ 09 was my second choice and their rates were 1% higher - they are quick to cut you a check, but slow to cancel and remove from your credit report (took 69 days).

 

[Carminus]

My credit union rate is 2.99 for 63 months NJ/philly police-fire credit union.

https://www.pffcu.org/rates/auto-loan-rates-2/

 

[JLee]

DCU is 1.99% for 65mo with all available incentives.

https://www.dcu.org/borrow/vehicle-loans/auto-loans.html

 

[13_F150]

DCU is 1.99% for 65mo with all available incentives.

https://www.dcu.org/borrow/vehicle-loans/auto-loans.html

If only they allowed the public customers like most credit unions and penfed

 

[skiborsy]

If only they allowed the public customers like most credit unions and penfed

Like Penfed, they have a list of nonprofits you can become a member of (starting at $10): https://www.dcu.org/about/member-eligibility.html#400

 

[greenne]

Like Penfed, they have a list of nonprofits you can become a member of (starting at $10): https://www.dcu.org/about/member-eligibility.html#400

I was just looking at...its worth spending $10 towards a nonprofit membership to save hundreds in finance costs.

 

[Ph7]

Please use this thread to point the rest of us to the best place to pre-apply for credit when our ship comes in.

Information Needed:
Date Applied.
Region Where You Live - Rates will vary by State.
Minimum Percent Down Required.
Interest Rate Quoted for What Length of Time.
Credit Score Required for the Lowest Rate.
Name of Lender and Type (Credit Union/Bank/Other).
URL of Lender if Available.

I am probably going with one of my two credit unions for a vehicle loan.

Logix 1.74% APR.*
USAA 3.19% APR.

Hit me up if you plan to join + do a loan from the Logix Credit Union. They'll give us both $50 (refer a friend link). lol * New member must open the auto loan within 30 days of joining Logix.

I believe I can continue to budget. $50.00 a month to savings and have the cash to pay for the Lightning on hand before mine will be delivered!

 

[gorwell]

+1 for Logix assuming your in AZ, CA, DC, MA, MD, ME, NH, NV, or VA.

Only condition for their APR (which is @ 1.74% now) is autopay (and obviously the credit rating to get it). +1% if you don't autopay. You also need to get a Savings account from them to establish an Account to get the loan, just a $5 minimum to set it up.

I just transferred my Ioniq 5 loan from Hyundai to them, took a total of 5 days to do it.

REDHORSECA and I also got $50 a piece from the Referral Promo

 

[metroshot]

+1 for Logix assuming your in AZ, CA, DC, MA, MD, ME, NH, NV, or VA.

Only condition for their APR (which is @ 1.74% now) is autopay (and obviously the credit rating to get it). +1% if you don't autopay. You also need to get a Savings account from them to establish an Account to get the loan, just a $5 minimum to set it up.

I just transferred my Ioniq 5 loan from Hyundai to them, took a total of 5 days to do it.

REDHORSECA and I also got $50 a piece from the Referral Promo

Do you think these low rates will still apply when the Lightning actually gets delivered ???

With the Fed rates going up, I am afraid...

 

[RainorshinePNW]

Is no one considering longer than 60 month terms? If not, why not? I realize it's more time you're paying interest on a balance, but the monthly payment difference on a 60 month vs 84 month term is significant.

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